8 comments:

Trades and trade papers like to point fingers at others' issues of transparency and integrity but this movement of our's would suffer a death blow with transparency and that day might be coming! Corp cu losses and the "supervision and cronyism that led to it.The coverup.The millions spent sending "volunteers" to junkets that produce no material advantage to the members.And that's just the beginning. Look for our movement's actions to get exposed and how the screen door on the submarine (Cuna) deals with it. There may not be enough time for a horde of "white papers" to save them!

For banks, only the more serious regulary actions are publicly disclosed - by the regulator. Memorandums of understanding and lesser regulatory actions are kept confidential by the regulator (FDIC or OCC), and there is no requirement for a publicly traded bank to disclose them to its shareholders (unless it is trying to get more capital through a public or private secondary offering).

Come on now, those credit union board of director cruise conferences do have an educational value. so while in port maybe they might be doing some time not reading credit union material. And so they might spend more time at the midnight buffet and the shows but somewhere they might pick up 5 or 10 minutes worth of credit union continuing education.

Enforcement actions are not confidential. Bank regulators publish these enforcement actions. Publicly traded banks will regular file an 8K stating that the are subject to a regulatory action. Same thing happens when banks make significant changes in loss provisionings.

About Me

Dr. Keith Leggett is retired from the American Bankers Association, where he was a Senior Vice President & Senior Economist. He is a leading expert on credit unions and the National Credit Union Administration.

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